The Bains

Treasury Dept. officials announced this week they plan to increase pressure on the 71 mortgage
companies participaing in the government’s $75 billion loan modification program. It allows homeowners to have their mortgage interest rate reduced to as low as 2% for five years. Mortgage
companies have had a hard time getting homeowners to complete the necessary paperwork to
participate in the program. Nearly 60% of the 375,000 borrowers who qualify have to complete paperwork by end of year, & HAVE NOT. The 8 largest mortgage companies will have 3-person Fed “SWAT” teams to monitor the work & publish twice-dails report on their progress.